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Crypto Investing Giant Paradigm Leads $20M Round for Fractional NFT Protocol
Fractional, which allows for collective non-fungible token ownership, is rebranding as Tessera.
By Brandy Betz
Updated May 11, 2023, 6:49 p.m. Published Aug 17, 2022, 6:05 p.m.
Fractional, a protocol that enables collective ownership and governance of non-fungible tokens (NFTs), is rebranding as Tessera, and it also revealed a $20 million funding round led by crypto-native investment giant Paradigm that closed earlier this summer.
- NFTs are unique digital assets such as images or music that include proof of ownership. While the tokens are singular by definition, fractional NFT ownership is possible when the asset is locked into a decentralized platform and is then split into multiple fungible tokens.
- Fractional NFT ownership opens up bragging rights and loan collateral for expensive or highly desired assets, reducing both the costs and the risks.
Read more: How Can You Share an NFT? Fractional NFTs Explained
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- “NFTs are transforming how people interact, build community and view governance, so we’re transforming, too – from a simple smart contract to full-blown NFT infrastructure to support the future of collective ownership,” the Fractional (now rebranded as Tessera) team wrote in a Medium post.
- Other investors in the Series A funding round included Focus Labs, Uniswap Labs Ventures, eGirl Capital and Yunt Capital.
- Last year, Paradigm launched a then record-breaking $2.5 billion crypto-focused venture capital fund, a title that was stripped in May when Andreessen Horowitz started a $4.5 billion investment vehicle.
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The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
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- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
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